CrownPoint Group and Lamar Cos. plan to build a new 135,000-square-foot self-storage facility that will bring more than 1,300 units to Newark’s Ironbound section. — Courtesy: JLL
By Joshua Burd
A development team has landed a $19 million construction loan for a 1,332-unit self-storage project in Newark’s Ironbound section, according to a debt placement team with JLL.
In a news release, the firm said Provident Bank originated the financing to the joint venture of CrownPoint Group and Lamar Cos. Proceeds will support their redevelopment of a former auto salvage facility property at 305 Wilson Ave., where plans call for a new climate-controlled, six-story self-storage building totaling 135,728 square feet.
Units will average 75.5 feet, while the property will provide two interior loading spaces and eight off-street parking spaces, the news release said. Construction is slated to be completed in the first half of 2025, while Extra Space Self Storage will lease the facility and manage the day-to-day operations.
“JLL is pleased to have worked on CrownPoint and Lamar’s behalf to secure financing for this ground-up development,” said Michael Klein, a senior managing director with JLL. “The market for construction financing currently has its challenges but can be obtained for well-located self-storage projects being managed by top tier operators and experienced developers.”
Klein represented the borrower alongside JLL Senior Managing Director Jon Mikula and Associate Ryan Carroll. In announcing the deal, they noted that 305 Wilson Ave. is just west of Interstate 95 and north of Interstate 78, providing quick access to Newark Liberty International Airport.
The team added that roughly 76 percent of the housing units in Newark are renter-occupied, creating strong demand for self-storage facilities.
CrownPoint, Lamar detail plans for 1,200-unit self-storage facility in Newark’s Ironbound
